Home loan approval rate will rise slowly

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While recent data suggests banks are becoming more willing to lend, an expert suggested homeowners could still struggle to finance a move.

Mortgage approval rates have risen over the past few months, but brokerage and advisory firm Alexander Hall hinted they will remain low for the time being.

The statement could impact families considering whether to move or invest in a space-adding home improvement – such as a roof light and loft conversion.

According to the companys chief operating officer Andy Pratt, the number of approvals will rise slowly and steadily, but there also remains a chance they could fall at some point again in the next six months.

"There is still not a massive amount of funding out there from lenders so there is a limit on how much can be done," he explained.

However, he added a slowly growing number of homeowners have been able to secure finance and display the confidence needed to buy in the current market.

Mr Pratts comments come after the Bank of England revealed mortgage approval rates have been growing for five months."ADNFCR-1495-ID-19293479-ADNFCR"

 

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